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4. Remedies !Upon Default In the event of failure to perform any of <br />the obligations set forth above, and in addition to whatever legal and <br />equitable remedies may exist, the non breaching party may either sue for <br />specific performance of this Agreement or may terminate this Agreement. In <br />order to do so terminate, the complaining party shall give specific notice in <br />writing of the default to the defaulting party. Such notice shall require <br />that the default be cured within thirty (30) days of receipt of the notice of <br />default. In the event that such default is not cured within thirty (30) days, <br />the complaining party may terminate the Agreement by giving notice of <br />termination in writing to the other party. <br />5. Arbitration All claims, counterclaims, disputes, or other matters <br />regarding this Agreement shall be arbitrated in conformance with the rules and <br />procedures of the Oregon Arbitration Association upon request of either party. <br />6. Term. This Agreement shall terminate on July 1, 2003. However, the <br />District shall have the option to renew the Agreement for an additional ten <br />(10) years. The level of funding during that renewal term shall be negotiated <br />between the parties. If the parties cannot reach an agreement as to the level <br />of funding, then that issue shall be submitted to arbitration. The <br />arbitrators shall consider the following factors in reaching their decision: <br />A. Whether the District will be in existence for an additional ten (10) <br />years because of the level of annexation. <br />B. The amount necessary to retain the financial integrity of the <br />District so that the District can provide the same level (quantity and <br />quality) of services that the District was providing at the time of expiration <br />of this Agreement. <br />AGREEMENT - -3 <br />